XRP News Today: XRP’s Fate Hangs in the Balance Amid SEC Appeal Speculation

XRP Drops Below $0.55

On Sunday, August 11, XRP slid by 5.34%, ending the session at $0.5528 after gaining 0.55% on Saturday, August 10. The broader crypto market fell by 3.53% to a total market cap of $2.014 trillion.

SEC vs. Ripple: The Decision and Its Implications

The SEC vs. Ripple case concluded on Wednesday, August 8, with Judge Analisa Torres fining Ripple $125 million for violating US securities laws. Judge Torres also granted the SEC’s request for an injunction.

Since the ruling, speculation intensified about the chances of an SEC appeal.

Pro-crypto lawyer Fred Rispoli spoke about the final judgment and the significance of injunction language, stating,

“This is probably the most important thing, is that the order the SEC had wanted the judge to sign, the one they drafted and gave the judge, was rejected by the court. And the court went with a very generic order that essentially says, you are enjoined from violating section 5 of the securities laws going forward.”

Rispoli explained,

“And guess what? […] you and me, we haven’t been sued by the SEC, yet, but we’re also enjoined from violating section 5 of the federal securities laws. So it is something that is as basic as it can be about what they’re prohibited from in this injunction. […]. It doesn’t explicitly destroy their business model, which is what the SEC was going for in this.”

On the chances of an SEC appeal, Rispoli stated,

“It is as close to a 50-50 as you can get. […]. The SEC would want to appeal the secondary market issue, […] That’s the one thing that is driving whether they should appeal or not, is, we got to get that off the books for the secondary market because that’s critical to how we do this, how we run our enforcement actions.”

The secondary market ruling relates to Judge Torres’s Programmatic Sales of XRP ruling. In July 2023, Judge Torres ruled that programmatic sales of XRP do not satisfy the third prong of the Howey Test.

Potential Appeal and XRP Price Trends

Ripple and the SEC must file appeals within 60 days of the final judgment, setting an early October deadline. An uncertain period could pressure XRP toward its July 5, 2024, low of $0.3814. Conversely, if the SEC decides against an appeal, XRP could rally to the July 13, 2023, high of $0.9327.

Investors should remain alert, as appeals could adversely impact XRP price trends. Stay updated with our latest news and analysis to manage your exposure to XRP and the broader crypto market.

XRP Price Action

Daily Chart

XRP hovered above the 50-day and 200-day EMAs, confirming the bullish price trends.

A breakout from the $0.5739 resistance level could support a return to $0.60. A return to $0.60 could signal a move toward Wednesday’s high of $0.6437.

SEC vs. Ripple case-related news and SEC activity require consideration.

Conversely, a break below the 50-day and 200-day EMAs could signal a fall toward $0.50.

With a 14-day RSI reading of 49.31, XRP could drop to the $0.50 handle before entering oversold territory.